The Academy Awards to Depart ABC and Broadcast Live on the Video Platform Beginning in 2029.
The Oscars ceremony will begin broadcasting solely on YouTube in 2029, representing the most recent significant change in Hollywood.
The organization behind the Oscars made the announcement on this week, indicating that it finalized a multi-year deal awarding the streaming service the sole worldwide broadcasting rights to the Oscars up to 2033.
The awards show, which is planned for 15 March, has been broadcast for five decades on the traditional network. Starting in 2029, the ceremony will be viewable as a free live stream on the digital platform.
It's another substantial upheaval in Hollywood, which is navigating company buyouts and fusions, in addition to drastic production cuts.
"The Academy is an international organization, and this collaboration will allow us to expand access to the mission of the Academy to the largest worldwide audience attainable - which will be positive for our film artists and the film community," said the Academy's executives in a statement.
Throughout a long period, viewership of the awards show have declined, even if there was a slight uptick in recent years, with a notable portion of younger viewers streaming from cell phones and laptops.
In a separate statement, the video platform's chief executive referred to the Oscars "one of our essential cultural touchstones" and noted that teaming up with the Academy would "spark a fresh wave of artistic expression and film lovers while adhering to the Oscars' storied legacy".
The broadcast network, which has aired the awards since the mid-1970s, commented that it was eagerly anticipating "to the upcoming broadcasts" it will retain rights for.
This decision follows large entertainment companies deal with intricate takeover attempts. These potential deals were seen as concerning for an industry that has witnessed significant downsizing over the last few years.
In common with big production houses, cable networks have faced issues as the viewers has shifted towards on-demand video instead.
YouTube obtaining the license to the Oscars strongly indicates that the dominance of streaming sites will carry on expanding.
